what more actions are you talking about? >> the key policy rate for the ecb is likely indeed in the first quarter. they can take dpopt deposit rate negative. by the middle of next year, they'll be doing outright qe. i've been talking about this for ages. they haven't done it so maybe they won't do it. but i'm assuming that the outlook for inflation for the eurozone is -- >> how are they going to get around -- look, i know the bundes bank has a fear of hyper inflation. i just don't -- are they going to get around all the -- because even if they do it on the inflation mandate, are they going to get around the objections about outright money printing? germans would see it as that. >> they would see it as outright money printing. we have done qe. it's not an issue on the legality of it as long as you justify it in the inflation mandate at the zero policy bound. but the question is, you know, how low is inflation in the eurozone going to go? you have core inflation in the eurozone below 1.5%. if you strip away indirect taxes, tha